Financial Services Commission Vice Chairman "Promoting Prior Disclosure of Insider Stock Sales"

[Asia Economy Reporter Ji Yeon-jin] Kim So-young, Vice Chairman of the Financial Services Commission, stated on the 17th, "We will enhance transparency of information related to insider trading by requiring prior disclosure of disposal plans when company insiders sell stocks."

Kim So-young, Vice Chairman of the Financial Services Commission, is attending the emergency macroeconomic financial meeting held at the Bankers' Hall in Jung-gu, Seoul on the 16th. / Photo by Moon Ho-nam munonam@

Vice Chairman Kim made these remarks while attending the "Policy Seminar on Strengthening Investor Protection in the Stock Market" held at the Bankers' Hall in the afternoon.

He also said, that when management control changes through stock transfer, protective measures for minority shareholders of the acquired company will be established. Major foreign countries such as the European Union (EU), the United Kingdom, and Japan mandate a public tender offer for a certain level of shares when acquiring management control by obtaining a certain percentage or more of shares.

Vice Chairman Kim emphasized, "To strengthen responses to unfair trading practices in the capital market, we will efficiently reorganize the investigation and prosecution system for unfair trading, expand various administrative sanctions such as fines to enhance the effectiveness of sanctions," and "we will create a transparent market trusted by investors to resolve undervaluation factors of our stock market and lay the foundation for advancing into a sophisticated capital market."

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